Offshore Support Vessels
Market - Overview
Offshore support vessels refer to vessels that are
principally used to serve operational purposes like construction work at a
site, tasks that are related to offshore oil exploration. It not only aids in
the exploration, production, and drilling of the resources, but also supports
all activities that are related to construction and excavation on offshore
sites. These vessels also present the transfer and relieving of crew members on
site, as and when required. During the last decade, the offshore trade has expanded,
leading to a rising demand for offshore support vessels for carrying out
various operations necessary for drilling rigs, moor, and fix platforms.
The latest report on Offshore
Support Vessels Market published by Market Research Future (MRFR), has
suggested that the global offshore supply vessel market is expected to upscale
at a fast pace, registering a CAGR of more than 5% throughout the estimate
period. Some of the main drivers of the global offshore supply vessel market,
as stated in the report include the advancements noted in technology and rapid
developments in countries residing within Asia Pacific. Further, better trade
policies are also observed to supplement market growth over the forecast
period. Increasing regasification terminals at offshore siets owing to the
growing LNG demands is also estimated to promote the growth noted in the global
offshore supply vessel market. Furthermore, mounting investments in the oil and
gas industry, along with the renewable sector across the world is fostering
market growth to a new level.
However, some factors are posing as market restraints,
hampering growth over the review period. Operational efficiency is one of the
challenges that manufacturers and operators need to work on. Alternatively
governments have introduced revised safety regulations which have led to an
increased focus on safe operation of these offshore vessels.
Offshore Support Vessels Market
Segmentation:
The offshore support vessel market is segmented and
analysed by type, application, and region. Based on type, the global offshore
supply vessel market is segmented into platform supply vessel, multipurpose
support vessel, anchor handling tug supply vessel, seismic vessel, and standby
and rescue vessel. Based on application, the global offshore supply vessel
market is segmented into deepwater and shallow water.
Regional Analysis
The offshore support vessel market is segmented into
North America, Latin America, Asia Pacific, the Middle East & Africa, and
Europe.
Alternative to other regions, Asia Pacific is estimated
to hold a larger share of the global offshore supply vessel market, boasting
dominance. Within the APAC region, the potential growth pockets for offshore
supply vessels include India, China, Thailand, Indonesia, and Malaysia. In
addition, Asia Pacific is witnessing booming growth due to better-equipped
vessels that contain increased cargo capacity, panoramic navigation bridge
visibility, enhanced crew amenities, large accommodation spaces, and automation
systems.
On the other hand, North America and the Middle East
& Africa has shifted focus of operation towards offshore markets. Moreover,
liberalization of the oil and gas industry in Mexico is another factor fueling
the regional offshore supply vessel market growth.
Key Players
Some prominent players residing in the global offshore
support vessel market include Rem Maritime As, Bass Marine Pty Ltd. Harvey
Gulf, Bourbon SA, Tidewater, ExxonMobil, Island Offshore Management, Havila
Shipping ASA, and Intermarine LLC.
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